Mr. Brian Imrie reports

PPX MINING ANNOUNCES US$500,000 PARTIAL CONVERSION OF DEBENTURE FROM RIVI OPPORTUNITY FUND LP

RIVI Opportunity Fund LP has opted to convert $500,000 (U.S.) principal amount of its current 5 per cent secured convertible debenture of PPX Mining Corp., issued in connection with a restructuring of the company's gold and silver purchase agreement with RIVI, as described below. The partial conversion will result in the issuance of 12.5 million common shares of the company to RIVI.

As announced by the company on Feb. 21, 2023, RIVI and the company entered into an amended and restated gold and silver purchase agreement which restructured the company's streaming and payment obligations. As part of that restructuring, which was led by PPX's new management, the company issued to RIVI a 5 per cent secured convertible debenture for an aggregate principal amount of $5.4-million (U.S.), to package past liabilities.

On May 16, 2023, the TSX Venture Exchange approved the transaction. During the same year, the company prepaid $1-million (U.S.) of the principal amount. The convert has a 36-month maturity with one bullet payment at the end of the term and accrues interest at 5 per cent annually. As part of the terms, RIVI can convert totally or partially this facility at four U.S. cents per share, subject to a restriction if any conversion would result in RIVI having beneficial ownership of, or control or direction over, directly or indirectly, 20 per cent or more of the company's outstanding shares, without TSX Venture Exchange approval. Following the conversion, the outstanding principal balance of the convertible debenture is reduced to $3,899,946 (U.S.).

Brian Imrie, executive chairman of PPX, commented: "We are delighted by RIVI's decision to partially convert this debenture. For us, their decision is a clear vote of confidence in PPX and a further improvement to our balance sheet."

About PPX Mining Corp.

PPX Mining is a Canadian-based mining company with assets in northern Peru. Igor, the company's 100-per-cent-owned flagship gold and silver project, is located in the prolific northern Peru gold belt in eastern La Libertad department.

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